 Peter, the floor is yours Yeah, thank you. I'll start with that because let's admit it. We have a problem. We have Very high energy prices in Europe at the moment. Gas is three times higher than normal Excuse me lost my voice we have a problem in fact the European Council will be discussing this next week And the Commission has putting a paper on the table It's it's very worrying. It's also very worrying. This wasn't anticipated better So you're quite right on that to respect gas prices have gone up threefold and The the electricity system of course is based on marginal pricing of the most expensive thing in the system Which is usually the fossil fuels? There's also been other factors like Russia only fulfilling its contractual obligations Lowering of storage capacity when normally you'd be filling it up and the failure of an interconnector between the UK and the continent of Europe This is having real effects. There's a real effect on households and there's a real effect on Industry particularly give you one example in Europe fertilizers Shutting down. They can't afford to run That means they're not producing ammonia Which means there could be a shortage of fertilizers for farmers next spring But it also means that as a byproduct they're not producing industrial co2, which is necessary for the abattoirs For the food production chain for the transport of vaccines and Etc etc. So there's supply chain disruption going on in a really important way and it's not unique to Europe It's not the fault of the co2 price. It's not the fault of market design. It's happening in China as well China coal prices have gone up 56% this year and the governmental authorities have just Turned off the switch to about 40% of the country's energy intensive industry to avoid shortages and One of those industries. They've shut down with no notice is the magnesium industry Which means that just two days ago our European aluminium sector said. Oh, dear We have six to eight weeks stock of magnesium And if the Chinese don't start producing again, we will have no ability to produce magnesium Produce aluminium for the car sector. So one sector's impacts upon another As I say, this will be discussed at the European Council I'm not going to speak at length about the vision because I think everyone here is familiar that we have We have a European climate law which locks us in legally speaking to the targets for 2030 and 2050 and we've tabled the legislative proposals and the Financial programs to accompany that What I'd just like to highlight is there are some good news stories going on I think Europe has the capacity to lead the transformation of its industrial sector and This is one reason that the industrial policy is an integral part of the European Green Deal Just two weeks from now in Sweden Volvo will roll off its production line The first car made from green steel. This is coming from the pilot plant using hydrogen Hydrogen from renewables in the north of Sweden. It's the hybrid project collaboration between LKAB that and file SSAB and with end consumers buying the product so you need a market for these good these clean products most of the steel sector and the energy intensives have a project pipeline ready to go and And my team is managing the European clean hydrogen the last which has Collected one of its tasks under the hydrogen strategies to develop a robust pipeline of hydrogen projects throughout the value chain we've got over a thousand projects which we're currently evaluating and will present to the Hydrogen forum in November and we're also sitting down and talking to the European investment bank to see how we can We can finance these things where the the bank has a role to play and European funds like investee you can be deployed Thank you